AngelPad Opens Up Its Summer 2011 Applications

AngelPad, the incubator found by ex-Googlers in order to help a select 15 startups make it here or anywhere, has officially opened up its application process for its summer 2011 cohort.

AngelPad selects startups twice a year and is looking for its third round of contenders today, putting out it’s application tonight in order to find the best and the brightest. In case you’re debating about whether to apply to YCombinator, 500 Startups or AngelPad, founder Thomas Korte tell me that what makes Angelpad different from other accelerator programs is its size (small) and its emphasis on product and market.

When I asked Korte what AngelPad was looking for specifically in a company, he said, “Well, anything that will get covered on TechCrunch. [Writer’s/Editor’s note: Ha.] Our founders are a little older than the typical incubator crowd, with some experience. And we need a technical co-founder, if you can’t code it, you can’t start a company in Silicon Valley.”

In addition to office space, mentorship and vetting, current and future AngelPad companies will receive $20K funding in exchange for around 6% of the company in common shares (which means a valuation of about $333k, which isn’t the point).

Prospective applicants must supply their basic info, a LinkedIn profile and two minute video in stage one. In case you think this sounds like a piece of cake, 95% of applicants don’t get to stage two so try hard if you’re applying. If you are in the fortunate 5% that make it, you’ll need to provide a a long form application and real life interview after you pass.

Korte says that the actual value add of joining AngelPad extends beyond equity, “The 10 week program covers all aspects of a company launch – from idea to product, market fit, customer acquisition and fundraising. We also take care of the less glamorous things like incorporation, immigration visas or setting up books.”